Papa John’s to shut 50 UK outlets in strategic move to cut losses

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March 5, 2024

Papa John’s, the pizza restaurant chain, intends to shutter around 50 of its company-owned outlets in the UK as part of a strategy to cut operational losses.

All closures are slated for the second quarter of this year.

The decision forms part of the pizza chain’s strategic evaluation of its portfolio.

The objective is to focus on locations that accounted for two-thirds of the company’s operating losses in the UK during the fourth quarter of 2023.

Since March 2023, Papa John’s has converted 61 underperforming franchised sites to “more established franchisees” and acquired ownership of 118 franchised restaurants.

Continue Exploring: Popular pizza chain Papa John’s set to close dozens of UK locations amid rising costs

It operates 450 stores across the UK, encompassing outlets in service stations, holiday parks, and attractions.

A report in KentOnline quoted a Papa John’s spokesperson as saying, “As our second largest global market, Papa John’s remains committed to driving growth in the UK.

“We are undertaking a comprehensive review of our UK-based restaurants to assess viability. Based on our current analysis, we are planning to close approximately 50 underperforming corporate-owned locations.

“The strategic closure of these restaurants would give us the opportunity to invest back into the right locations with the right partners, optimising the brand for long-term growth.”

Established in 1984, Papa John’s International is renowned for its pizzas crafted with mozzarella cheese, vine-ripened tomato sauce, and meats free from fillers.

Papa John’s has a presence in over 5,900 restaurants spanning 50 countries and territories. Its co-headquarters are located in Atlanta, Georgia, and Louisville, Kentucky, USA.

In February 2023, Papa John’s International also disclosed a slight uptick in total global revenues, reaching $2.14 billion, marking a 2% increase from the previous year.

Total revenues for the fourth quarter of 2023 saw an increase of 8.6%, reaching $571.3 million compared to $526.23 million in the previous year’s fourth quarter.

During a recent conference call addressing the financial performance of 2023, Papa John’s International CEO Rob Lynch stated that the company will continue assessing its UK portfolio, encompassing both company-owned and franchised locations, and might contemplate further closures if deemed necessary.

Continue Exploring: Papa John’s pizza expands in China with grand opening of 300th restaurant

Mondelez International invests in Spanish startup Pack2Earth for sustainable packaging solutions

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March 5, 2024

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Mondelez International has made an investment in Pack2Earth, a startup based in Spain focused on the development of “bio-based” packaging.

The snacks giant participated in a $1 million seed round investment in Pack2Earth, which is actively developing alternatives to plastic.

In a brief statement, the Cadbury maker said, “This investment, part of Mondelez International’s Sustainable Futures impact investing platform, is very much aligned with our long-term ambition for packaging circularity and an example of the company acting as a catalyst and collaborator.”

Mondelez set up Sustainable Futures in 2021 to finance “environmental and social projects that can help drive meaningful, long-term change”, CEO and chairman Dirk Van de Put said at the time.

Continue Exploring: Amcor and Mondelēz International collaborate to introduce recycled plastic packaging for Cadbury Chocolate products

Founded in 2022, Pack2Earth, S.L. is working on the development of bio-based flexible film and injection materials that are compostable at ambient temperature and described as “organically recyclable,” according to the Barcelona-based company.

These materials can be utilized to produce packaging suitable for long-life ambient and “semi-liquid” products.

Pack2Earth asserts that its packaging materials can break down into compost that is free from toxins and microplastics.

The Zurich-based investor Sagana also participated in the funding round of the startup.

In a statement, Sagana said the funds would allow Pack2Earth to “complete client pilot projects and start to grow revenues”.

It added, “The advanced biomaterials startup has developed robust food-grade materials that compost quickly at ambient temperature whenever they end their lifecycle. This also helps reduce the use of petroleum-based plastics.”

Mondelez aims to have all its packaging “designed to be recyclable” by 2025. In the 2022 ESG report of the Milka chocolate maker, the company indicated that 96% of its packaging met this criterion.

The group has established a goal of reducing its consumption of virgin plastic by 5% by the same year compared to the procurement level in 2020. It also aims to decrease its utilization of “virgin rigid plastic” by 25% by 2025. Additionally, Mondelez aims for its packaging to incorporate 5% recycled content by the same year.

In the 2022 ESG report of the Milka chocolate maker, the company reported a 7% decrease in the amount of virgin rigid plastic compared to 2020 levels. However, its utilization of virgin plastic increased by 1.5% following a 4% reduction in 2021.

Regarding the goal for recycled content, Mondelez stated that it had achieved 1%.

Other investments made by the company through Sustainable Futures include the Circulate Capital Ocean Fund, which aids in the development of recycling infrastructure in India and Southeast Asia.

Continue Exploring: Mondelez International reports strong Q4 sales surge, but volume decline spurs a 2% share drop

ONDC surpasses 7.1 Million orders milestone in February since inception last year

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March 5, 2024

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The government-backed Open Network for Digital Commerce (ONDC) has achieved a milestone by completing more than 7.1 million cumulative orders in February since its inception in January last year.

In January, the ONDC surpassed 6.75 million cumulative orders. Of these, 3.56 million, accounting for 52.8%, were mobility orders, whereas 3.19 million, constituting 47.2%, were non-mobility orders.

The network currently boasts over 370,000 sellers and service providers, ranging from renowned brands to farmers and taxi drivers. Additionally, it is operational in 588 ‘countable cities’, encompassing approximately 70% of cities across India.

Continue Exploring: Govt-backed ONDC sees rapid adoption, CEO T. Koshy expects tenfold merchant growth in coming year

The network defines countable cities as cities or districts with more than 100 orders per month in the last three months. Overall, ONDC has facilitated transactions in over 800 cities throughout India.

ONDC’s mobility service is currently active in seven cities: Bengaluru, Mysuru, Kolkata, Hyderabad, Delhi, Chennai, and Kochi. The inclusion of Chennai Metro train services into ONDC marks a significant stride towards achieving multimodal mobility through the network.

Continue Exploring: In a first, fair price shops join ONDC platform for digital transformation

Additionally, ONDC has commenced a pilot to onboard street food vendors in Delhi and Lucknow. The plan is to onboard 500 street food vendors in the next two months in both these cities followed by a nationwide scale-up with more seller and buyer apps. Seller apps onboard merchants while buyer apps are customer-facing apps on which orders are placed.

On February 22, three seller apps affiliated with the network—Ninjakart, Shiprocket, and Mystore—organized a seller onboarding program in Chhattisgarh. The event catered to 95 primary agricultural credit societies (PACS), eight farmers’ producer organizations (FPOs) and fish farmer producer organizations (FFPOs), seven dairy cooperatives, and five handloom cooperatives.

Continue Exploring: ONDC disrupts food delivery landscape: 50,000 restaurants join platform, challenging Zomato and Swiggy dominance

UK’s Nature Spell enters Indian market with 100+ natural beauty products

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March 5, 2024

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Nature Spell has officially introduced its product line in India, granting customers access to top-tier natural extracts and powerful actives, responsibly sourced from across the world and produced in the UK.

Famed for its high-quality formulations suitable for diverse skin and hair types, Nature Spell brings forth a collection of over 100 products to the Indian market. Among these offerings are the widely praised Rosemary Hair Oil, celebrated for its remarkable hair benefits, and the Growth Complex Hair Growth Range, leveraging the power of Indian herbs to foster robust hair growth.

Sunny Gandhi, Co-Founder said, “We noticed a gap in the market for products that were not just effective but also sustainable, clean, and most importantly, transparent. This realization led us to the concept of blending the richness of earth’s natural goodness with the efficacy of modern high-performance based active ingredients and as a result, build effective products suitable for all hair and skin types.”

Continue Exploring: Shift in Indian beauty market: Fairness creams witness first decline as demand swells for radiance and hydration products

Nature Spell’s skincare line showcases effective formulations tailored to address various skin concerns, blending natural extracts, potent active ingredients, and pre-diluted cold-pressed oils. Covering everything from facial cleansers to moisturizers and treatments, this range advocates for overall skin well-being and adheres to cruelty-free practices. Moreover, with 90% of the products being vegan, it underscores a commitment to ethical and sustainable choices.

Exercising full control over the manufacturing process, from ingredient procurement to packaging design, Nature Spell guarantees top-notch quality in both product formulation and presentation. The brand captivates customer interest with visually appealing and environmentally friendly packaging solutions.

The brand’s introduction into the Indian market marks a significant change in the beauty industry landscape, providing an extensive array of efficacious and scientifically validated natural products designed for various skin types. Nature Spell makes its debut with 22 SKUs covering hair, skin, and body care, with intentions to roll out an additional 80 SKUs in the near future.

Customers have the opportunity to discover Nature Spell’s diverse product range through its Shopify store, as well as on prominent e-commerce platforms such as Nykaa, Amazon, Myntra, and Flipkart. Additionally, retail availability will soon begin, ensuring convenient access for customers to the brand’s sustainable beauty offerings.

Continue Exploring: India’s beauty market booms: L’Oreal and Shiseido set sights on rapid expansion amid growing consumer demand

B2B platform Udaan ships over 2.25 Billion products in 2023, 900 sellers achieve INR 1 Crore sales each

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March 5, 2024

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Udaan, a leading B2B e-commerce platform, shipped over 2.25 billion products across India in 2023. Additionally, 900 sellers on the platform achieved sales worth INR 1 crore each.

Udaan stated that the platform facilitated the sale of 31 million electronics products, nearly 30 million products each in the lifestyle and general merchandise categories, 10 lakh tonnes of essentials, and 2 lakh tonnes of FMCG (fast-moving consumer goods) products.

The company said, “Over 2.25 billion products catering to over 23 million orders were shipped by the platform in 2023. These orders were shipped across all states of Bharat. During this period, 900 sellers on the platform achieved sales worth INR 1 crore each, while close to 600 sellers did business worth INR 2 crores on the platform.”

Continue Exploring: Udaan secures $340 Million in Series E funding, eyes public market in 12-18 months

“Udaan encourages digitisation of payments among small retailers and kiranas. In 2023, 22 per cent of retailers on the udaan platform adopted digital payment methods,” it said.

Vaibhav Gupta, co-founder and CEO of udaan, said that the large volume of orders and higher repeat purchase rate highlights the preference udaan enjoys among its retailer partners.

“Encouraged by our solid performance, we will continue to work towards strengthening our market position and capitalise on the huge $150 billion opportunity that the Indian electronic B2B market offers,” Gupta said.

Continue Exploring: Udaan undergoes executive leadership restructuring as Group CFO Aditya Pande resigns

BigBasket teams up with Chef Sanjeev Kapoor to introduce frozen foods brand ‘Precia’, targets INR 100 Crore in online sales by 2026

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March 5, 2024

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BigBasket, the leading e-grocery platform, has partnered with Chef and entrepreneur Sanjeev Kapoor to launch a frozen foods brand named Precia.

“Our partnership with Chef Sanjeev Kapoor marks a decisive leap forward in meeting evolving consumer needs and tapping into new market opportunities,” said Hari Menon, Co-Founder of BigBasket.

Precia will cover three product categories, offering frozen vegetables such as green peas and mixed vegetables, frozen snacks like momos and french fries, and frozen sweets including gajar ka halwa and purani dilli rabdi.

Continue Exploring: BigBasket rebrands slotted delivery to ‘bigbasket supersaver’, targets 1-hour service for faster deliveries

“Our goal of INR 100 crore in online sales by 2026 underscores our belief in Precia’s potential and our commitment to continuous growth,” Menon added.

The company stated that Precia utilizes individual quick freezing technology to rapidly freeze items at ultra-low temperatures, effectively maintaining their separation and preserving the natural texture, color, and flavor of each individual piece of food.

“With BigBasket’s extensive reach and my culinary vision, we aim to make Precia a household name, providing families across India with delicious, hassle-free meal solutions,” Kapoor said.

Furthermore, Precia emphasized its direct engagement with farmers for vegetable procurement, guaranteeing fair compensation through a same-day pay policy.

Licious crowned ‘India’s Juiciest Chicken’ by National Meat Research Institute

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March 5, 2024

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Licious, a renowned brand for premium meats and seafood, marked a noteworthy achievement by clinching the prestigious title of ‘India’s Juiciest Chicken’ from the National Meat Research Institute. This recognition was highlighted in their latest ad film campaign, ‘Safa Chatt,’ which features Bollywood actors Gajraj Rao and Sheeba Chaddha. Conceptualized by Sideways, the campaign underscores the brand’s commitment to providing unparalleled culinary experiences, emphasizing the sheer joy and satisfaction derived from their offerings.

The campaign video kicks off with a familiar scene: a couple enjoying a meal, with the husband expressing his joy about Licious’s recent recognition. This initial setup effectively lays the groundwork for the story, highlighting Licious’s reputation for delivering the most succulent chicken, even before receiving official certification. The creative approach behind ‘Safa Chatt’ aimed not only to announce the award but also to foster a sense of pride among existing Licious customers and entice new ones to try the brand’s products. The video wraps up with a playful touch, as a voiceover reaffirms what many Licious patrons have long known: that Licious offers the juiciest chicken in India.

At the heart of this campaign is the hard work and dedication of the Licious team. Santosh Hegde, vice president for the brand, shared the significance of this recognition, stating, “Being recognized by ICAR-National Meat Research Institute is a huge honour for the brand. At Licious, every bite is an explosion of flavour, and being certified ‘India’s Juiciest Chicken’ is a proud moment for us and our customers.”

This certification serves not only as an accolade but also as a validation of the brand’s fundamental principles and the result of years of commitment to refining their product. Led by Abhijit Avasthi of Sideways, the creative team behind the campaign sought to underscore the notion that Licious’s juiciness had long been recognized as a well-known fact, now officially affirmed.

The ‘Safa Chatt’ campaign goes beyond merely celebrating an award; it weaves a story that strikes a chord with the brand’s devoted clientele while enticing newcomers to savor the richness and tenderness of Licious’s products. The acknowledgment from the National Meat Research Institute not only solidifies Licious’s standing in the market but also establishes a fresh standard for quality and contentment in the industry. As the campaign gains momentum, it reiterates Licious’s dedication to delivering unmatched culinary delights, guaranteeing that every dining experience embodies the essence of ‘Safa Chatt’.

Continue Exploring: Licious completes 8 years of delivering meaty delights, introduces exclusive Licious Infiniti rewards program

TiE Delhi-NCR to host India’s largest startup conference, TiEcon Delhi 2024, on 8-9 March

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March 5, 2024

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The Delhi-NCR Chapter of The Indus Entrepreneurs, a global organization fostering entrepreneurship, is set to host one of India’s hottest and largest startup conferences. Scheduled on 8th & 9th March 2024, this year’s theme is– ‘The New Bharat’. This is a must-attend event for every player in the startup world. The focal point of TiEcon Delhi 2024 will be sessions on various facets of entrepreneurship & business growth, exclusive networking opportunities, and startup awards

This event is set to be a dynamic hub of innovation, offering immersive experiences across various sessions such as AI Luminate and Enabling the Deeptech Startup ecosystem. Attendees can expect engaging discussions on topics ranging from the National Geospatial Policy to Angel Investing, alongside valuable networking opportunities, multiple investor meets, and knowledge sharing. This year’s TiEcon introduces initiatives like Elite Encounters, Share the Stage, Lunch with Leaders & Investors, providing attendees with exclusive interaction opportunities with esteemed leaders, mentors, and investors in the industry. Additionally, participants can also sign up for a mentor-guided journey with Mentoring in Motion, adding a unique dimension to their experience.

TiEcon Delhi 2024 will additionally include a special address by Dr. Jitendra Kumar, MD of BIRAC, and Arvind Kumar, Director General of STPI, as well as a keynote address by Sivasubramanian Ramann, Chairman of SIDBI, and S Krishnan, Secretary of MeitY.

Reflecting on the comprehensive scope of events, Geetika Dayal, Executive Director, TiE Delhi NCR, stated, “TiE Delhi-NCR is gearing up to host the hottest startup event in town with the theme “The New Bharat.” What’s propelling this movement towards the New Bharat? It’s the visionary startup founders leading the charge. We are excited with the line up for top-notch sessions, leading speakers and multiple investor meetings planned at TiEcon Delhi this year. What does this mean for you? It means gaining insights on how to drive your business towards profit, how to increase market size. This year we have a unique networking format where you get to share the stage with a business legend and share your ideas.”

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

The prestigious lineup of startup awards features the TiE-Lumis Entrepreneurial Excellence Awards, Startup CFO Awards, and the TiE Delhi-NCR & Power2SME: The Spirit of Manufacturing Awards, recognizing individuals who exemplify outstanding passion, innovation, and dedication to entrepreneurial excellence. The event will showcase live pitching sessions such as Assistive Solutions Pitches, spotlighting startups catering to differently-abled individuals, and TiE the Knot. Additionally, Havas Media will debut the Influencer Report and Meaningful Brand Awards.

Distinguished speakers representing diverse sectors including finance, technology, retail, and healthcare will headline the event. Notable figures include Rajesh Uppal, Managing Executive Officer for Digital Enterprise, HR, IT, Safety, and CIO at Maruti Suzuki India; Mohit Joshi, CEO of Havas Media India; Sanket Deodhar, Vice President and Head of Digital Natives at SAP Indian Subcontinent; Anurag Seth, Principal AI/ML Advisor at AWS India; Rajan Anandan, Managing Director of Peak XV and Surge; Lathika Pai, Country Head of VC PE Partnerships at Microsoft; Arvind Kumar, Director General of STPI; Gautam Jain, Software Director at NetApp; Dr. Apoorva Ranjan Sharma, Managing Director of Venture Catalysts & 9Unicorns; Padmaja Ruparel, Co-Founder of IAN & Founding Partner of IAN Fund; Atul Dhawan, Partner at Deloitte Touche Tohmatsu India; Dr. Jitendra Kumar, Managing Director of BIRAC; and many others.

TiE Delhi-NCR stands out as one of the most dynamic and engaged chapters within the extensive TiE network. Over the past two decades, it has consistently spearheaded efforts to cultivate a thriving ecosystem for entrepreneurs and investors alike. Bolstered by a robust mentorship network, flagship events, and targeted workshops held throughout the year, TiE Delhi-NCR offers a wide array of programs designed to support entrepreneurs. These encompass TiEcon, India Internet Day, Sustainability Summit, HR Summit, TiE Young Entrepreneurs, and Special Interest Groups (SIGs) spanning various sectors. The upcoming TiEcon Delhi 2024 enjoys support from esteemed partners such as Startup India, Maruti Suzuki Innovation, Havas Media, SAP, AWS, Peak XV, Microsoft, STPI, NETAPP Excellerator, and many others, underscoring the collaborative ethos propelling India’s startup ecosystem forward.

Continue Exploring: Amazon India partners with GAME to empower women entrepreneurs nationwide

NCLT warns Dunzo of moratorium over unpaid dues worth INR 4 Cr

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March 5, 2024

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The National Company Law Tribunal (NCLT) has warned Dunzo that it may impose a moratorium on the hyperlocal delivery startup if it does not promptly address a notice regarding unpaid dues worth INR 4 Cr.

Earlier, Betterplace Safety Solutions lodged a complaint with the NCLT in Bengaluru against Dunzo regarding unsettled payments.

The panel, consisting of judicial member Justice T Krishnavalli and technical member Manoj Kumar Dubey, issued a notice concerning the issue and set a hearing for March 4.

During the hearing, the petitioner emphasized that Dunzo owed INR 4 Cr, had incurred substantial losses, and despite receiving notices, the startup remained unresponsive, as reported by NDTV.

The owed amount, supported by emails, was supplemented by news reports detailing Dunzo’s significant financial losses.

Betterplace drew parallels between the situation and the BYJU’S case, while Dunzo acknowledged its debt and requested an extension. The company expressed concerns about the potential depletion of Dunzo’s assets due to its financial predicament.

The legal counsel representing Betterplace advocated for maintaining the status quo regarding Dunzo’s assets to prevent any interference or alterations that could affect third-party interests.

Continue Exploring: Cash-strapped Dunzo promises to settle outstanding payments to former employees by March-end

The tribunal queried the rationale behind any resistance to preserving the status quo to protect third-party interests in the company’s assets and maintain the current situation.

Consequently, the bench granted Dunzo a week to reply to the notice, specifying that no third-party interests could be established during this period, and the status quo on assets would remain unchanged.

The next hearing is scheduled for April 1.

Dunzo’s outstanding debt to Betterplace stems from a variety of services provided, including background verification, recruitment of delivery personnel, asset management, and merchandise. These services are outlined in both a master service agreement and a platform subscription agreement.

Founded in 2015 by Kabeer Biswas, Suri, Mukund Jha, and Ankur Aggarwal, Dunzo connects consumers with nearby stores and facilitates deliveries of products including groceries, medicines, and food, among other daily needs. Its expansion into the quick commerce space with Dunzo Daily led to a sharp increase in its cash burn.

Recently, the NCLT accepted Velvin Packaging Solutions Private Limited’s insolvency petition against the quick commerce startup. Velvin Group, a prominent Indian producer of eco-friendly packaging solutions, lodged the petition in November of the previous year. The registration of the plea took place in February.

Continue Exploring: Dunzo faces further setback as NCLT accepts insolvency plea filed by Velvin Packaging

Over the last one year, Dunzo has been confronted with several legal notices from its vendors, pressing for payment of outstanding dues. These notices have compounded Dunzo’s difficulties in sustaining its operations amidst a severe cash crunch.

Last year, Dunzo received legal notices from Google India, Nilenso, Clover Ventures, Facebook India Online Services Private Limited (FBI), Cupshup, Koo, and Glance for the same reason. The outstanding dues to these vendors amount to around INR 11.4 Cr.

The quick commerce startup based in Bengaluru witnessed a significant increase in losses, soaring to INR 1,801 Cr in the financial year 2022-23 (FY23), up from INR 464 Cr in the preceding fiscal year. Despite a notable rise in operating revenue to INR 226.6 Cr in FY23 from INR 54.3 Cr in FY22, total expenses surged by 286% to INR 2,054.4 Cr in FY23.

Continue Exploring: Legal troubles mount for struggling Dunzo as companies seek payment resolution

Bollywood star Sonakshi Sinha’s Soezi nail brand launches first offline store in Pune

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March 5, 2024

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Soezi, the luxury press-on nail brand co-founded by Bollywood actress Sonakshi Sinha and Srishti Raai, has unveiled its first offline retail outlet in Pune.

The brand unveiled its first kiosk at Seasons Mall in Hadapsar, Pune, in a vibrant ceremony.

The occasion united prominent lifestyle influencers and notable figures from the city to commemorate Soezi’s fusion of convenience and style in the realm of nail glam.

The kiosk provides an extensive selection of nail tips, featuring a set of 24 universally sized to accommodate all nail beds, available in a diverse range of colors and designs.

The press-on nails are meticulously handcrafted by skilled Indian women using premium gel polish, designed for easy application and removal.

The brand launched by the Bollywood actor with her partner in 2022 on Amazon, plans more such kiosks, the release added.

Continue Exploring: Ayouthveda appoints Bollywood actor Genelia Deshmukh as first Indian brand ambassador for face care range

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